CENTRAL BOARD OF DIRECT TAXES

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Amit Jain tipped as Member, CBDT?

Power corridors are abuzz that Amit Jain (IRS IT:1985) may be appointed as Member, Central Board of Direct Taxes (CBDT). Reportedly, the NaMo Govt may announce the appointment of Member, CBDT soon.

Following his promotion in the rank of Principal Chief Commissioner Income Tax (PCCIT) Jain was posted as PCCIT, Mumbai vice S K Gupta who is now Member (On Contract) CBDT. Before Jain took up the charge in Mumbai he was, on 07 August, posted as Principal CCIT, Gujarat vice Pritam Singh. Prior to his posting as PCCIT Mumbai and PCCIT Gujarat Jain worked as Principal DG (Investigation), Gujarat.   

11 Aug 2020
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Direct tax collection unrealistic without revision: Who is to be blamed?

The economy of the country is collapsing and it is unlikely that the government will be able to match the Direct Tax Collection even of any of the past three years’ tally. It is for sure going to remain lower than the past 3-4 year’s collection.

Director IT-Budget Mahesh Kumar has written to all principal chief commissioner of IT that the statistical growth rate for a region has been further moderated by averaging it out with the all-India targeted growth rate so as to narrow the gap between all-India growth and the target growth rate given to the region.

But in a changed scenario how tenable this tax recovery target will be that is a big question. The target set by the government in the budget for 2020-21 tax collection was Rs 13.19 lakh crore with almost one third from Mumbai only which is worst affected by COVID-19 halting every economic activity.

A senior IT official told Indianmandarins that CBDT should have revised the budget estimates as he feels meeting the budget target is unlikely and impossible. But now IT officials would be under immense pressure to go aggressive and target businessmen.

Another senior officer said that when there are already massive layoffs of employees, how would there be personal income tax collection? There will not be any salary revision in any sector with massive salary cuts. All these things should have been factored into by the CBDT but as per Pandey’s instruction, CBDT sent the letter with zone wise targets without realizing reality on the ground.

(By Rakesh Ranjan)

22 Apr 2020
amit-jain-tipped-as-member-cbdt-

Amit Jain tipped as Member, CBDT?

By IndianMandarins 11 Aug 2020

Power corridors are abuzz that Amit Jain (IRS IT:1985) may be appointed as Member, Central Board of Direct Taxes (CBDT). Reportedly, the NaMo Govt may announce the appointment of Member, CBDT soon.

Following his promotion in the rank of Principal Chief Commissioner Income Tax (PCCIT) Jain was posted as PCCIT, Mumbai vice S K Gupta who is now Member (On Contract) CBDT. Before Jain took up the charge in Mumbai he was, on 07 August, posted as Principal CCIT, Gujarat vice Pritam Singh. Prior to his posting as PCCIT Mumbai and PCCIT Gujarat Jain worked as Principal DG (Investigation), Gujarat.   

direct-tax-collection-unrealistic-without-revision-who-is-to-be-blamed-

Direct tax collection unrealistic without revision: Who is to be blamed?

By Rakesh Ranjan 22 Apr 2020

The economy of the country is collapsing and it is unlikely that the government will be able to match the Direct Tax Collection even of any of the past three years’ tally. It is for sure going to remain lower than the past 3-4 year’s collection.

Director IT-Budget Mahesh Kumar has written to all principal chief commissioner of IT that the statistical growth rate for a region has been further moderated by averaging it out with the all-India targeted growth rate so as to narrow the gap between all-India growth and the target growth rate given to the region.

But in a changed scenario how tenable this tax recovery target will be that is a big question. The target set by the government in the budget for 2020-21 tax collection was Rs 13.19 lakh crore with almost one third from Mumbai only which is worst affected by COVID-19 halting every economic activity.

A senior IT official told Indianmandarins that CBDT should have revised the budget estimates as he feels meeting the budget target is unlikely and impossible. But now IT officials would be under immense pressure to go aggressive and target businessmen.

Another senior officer said that when there are already massive layoffs of employees, how would there be personal income tax collection? There will not be any salary revision in any sector with massive salary cuts. All these things should have been factored into by the CBDT but as per Pandey’s instruction, CBDT sent the letter with zone wise targets without realizing reality on the ground.

(By Rakesh Ranjan)

cbdt-gupta-and-prasad-appointed-as-member

CBDT: Gupta and Prasad appointed as Member

By IndianMandarins 25 Mar 2020

As Indianmandarins had reported first (10.01.2020) the NaMo administration on Tuesday cleared the appointment of Satish Kumar Gupta (IRS IT:1984), Principal CCIT, Mumbai and Krishna Mohan Prasad (IRS IT:1984), PCCIT (NeAC) New Delhi to the post of Member, Central Board of Direct Taxes.

K M Prasad was the first PCCIT, National e-Assessment Centre (NeAC) which was created in September 2019 with an objective to reduce human discretion in assessments and scrutiny, which in turn will eliminate possibilities of corruption, by leveraging new technologies like artificial intelligence, machine learning, video conferencing, telecommunication application software and mobile applications.

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FY 2019-20: IT Department to ask for a cut of Rs 1 lakh crore

By IndianMandarins 11 Nov 2019

When Prime Minister Narendra Modi is constantly pitching for making India a $5trillion economy, the income-tax department will ask for a cut of at least Rs 1 lakh crore in the target for direct tax collection in 2019-20 because of growth in the segment sliding to 3 per cent as of October 31. This declining growth is largely because of the consumption slowdown and tax rate cuts.

Corporation tax collection, net of refunds, grew by just 0.5 per cent in the first seven months of the financial year, against the year’s expansion target of 15.4 per cent at Rs 7.66 trillion. However personal I-T collection grew by 5 per cent till October.

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CBDT: Has appointment rules for Board level positions changed?

By IndianMandarins 08 Nov 2019

If some top sources are to be believed, the appointment rules for board level positions in the Central Board of Direct Taxes (CBDT) has been rehashed making a big departure from the earlier position.

Contrary to the existing rule, the Board-level posts may not be advertised now. Under the new provisions the Department of Revenue will suo motto pick up five officers from the list officers empanelled to hold Apex level posts (26 Apex posts under CBDT). The shortlisted candidates will be interviewed for the post of Member, CBDT. Following the interview, service records and experience, names will be selected and will be sent to the ACC for clearance.

Under the new provisions posts of member will not be advertised and hence officers would not come to know about the vacancy of the post. Reportedly, as per the new rule names will straight away be picked by the Department of Revenue in consultation with Chairman CBDT for interview.

As per the existing rules, any candidate eligible to hold HAG Plus post used to apply for the Board-level posts. But as per rehashed rules only Principal Chief Commissioner (PCCIT) rank officers would be considered and shortlisted for interview. Those in the know of the affairs say that many PCCIT rank officers prefer to serve in the field as the chief of regions rather becoming part of the Board. Probably, this is also a reason selection process /rules were rehashed.

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CBDT: 04 IRS officers promoted & posted as Principal DG & Principal CCIT

By IndianMandarins 03 Oct 2019

Following the promotion to hold Principal Chief Commissioner (Income Tax) level post Central Board of Direct Taxes (CBDT) posted four IRS officers as follows:

Ms Rashmi Saxena Sahni (IRS IT:1984)- Principal DG IT (HRD), Delhi

Ms Alka Tyagi (IRS IT:1984)- Principal DGIT (Training), NADT, Nagpur

S S S Bharamarbar Ray (IRS IT:1984)- Principal DGIT (L&R), Delhi

P Sridhar (IRS IT:1984)- Principal Chief Commissioner Income Tax (PCCIT), Nagpur

Further, Ms Asha Agarwal was posted as Principal Chief Commissioner Income Tax.

direct-taxes'-collection-up-14.1%

Direct taxes' collection up 14.1%

By IndianMandarins 08 Jan 2019

Gross collections of direct taxes have jumped 14.1 percent till December 2018 over last year to Rs. 8.74 lakh crore. 

 

Refunds amounting to Rs.1.30 lakh crore were issued during April 2018 to December 2018, which is 17.0% higher than refunds issued during the same period in the preceding year. Net collections (after adjusting for refunds) have increased by 13.6% to Rs. 7.43 lakh crore during April - December 2018. The net Direct Tax collections represent 64.7% of the total Budget Estimates of Direct Taxes for F.Y. 2018-19 (Rs. 11.50 lakh crore).

 

So far as the growth rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) is concerned, gross collections for CIT is 14.8% while that for PIT (including STT) is 17.2%. After adjustment of refunds, the net growth in CIT collections is 16.0% and that in PIT collections is 14.8%.

 

It may be mentioned that collections in the corresponding period of FY 2017-18 also included extraordinary collections under the Income Declaration Scheme (IDS), 2016 amounting to Rs.10,844 crore (Third and last installment of IDS), which do not form part of the current year’s collections.

 

An amount of Rs. 3.64 lakh crore has been collected as Advance Tax, which is 14.5% higher than the Advance Tax collections during the corresponding period of last year. The growth rate of Corporate Advance Tax is 12.5% and that of PIT Advance Tax is 23.8%.

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IT Dept Cadre Review Committee: Aiming at a friendly tax regime and a tax compliant society

By IndianMandarins 20 Dec 2018

A twelve-member cadre review committee has been assigned the task of implementing a four-point charter focused on ‘caring of taxpayers’ and ‘strict compliance’. The committee has been asked to complete the process of cadre review and formulate plans to implement the charter within three months starting from December 17.

 

The cadre review committee headed by S K Das (Principal DG) and will draw members from the three employee associations in the department — Indian Revenue Service (IRS), I-T Gazetted Officers Association and I-T Employees Federation.

 

The cadre review would emphasize on creating a friendly tax regime and a more tax compliant society.

 

It may be underlined that a task force to draft a new Direct Tax Law to replace the existing IT Act is expected to submit its report by February 28. It is expected that the new direct tax law and cadre restructuring put together would bring in uniformity in the new system at one go.

 

The earlier cadre restructuring in 2013 had called for the creation of approx 21000 posts in various ranks.

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